Page 243 - Cyber Defense eMagazine June 2024

- Almost 33.5% of small businesses in the United States are at risk of cyberattack

This information is alarming and tech geeks are coming up with numerous solutions. One of the popular
solutions is CSaaS, that is, CyberSecurity as a Service. In this blog, we will understand various aspects
associated with the CyberSecurity as a Service market and its future growth aspects.

It has been estimated that the addressable market in cybersecurity might reach almost USD 1.5 trillion
to almost USD 2.1 trillion. The priorities of shielding businesses have become of prime importance for
the market players. Let us understand how cyber security is becoming an important aspect for various
businesses.

1- Cyber security in healthcare

Recently, news surfaced on the internet that a Southern California-based medical group became the
victim of a cyber attack in 2022. The average cost of a healthcare breach in the United States is almost
USD 10.9 million. Healthcare organizations are susceptible to various cyber attacks for reasons such as,

- The advent of digitalization in healthcare is causing more attacks
- Rise in the healthcare ecosystem based on the interconnected medical devices
- Growth in security talent shortage
- Presence of a large user base

In today’s digital age, numerous healthcare organizations are incorporating Cyber Security as a Service
Market which helps in eradicating cyber attacks.

2- Cyber Security in IT and Telecom

The telecommunication industry is considered to be a crucial infrastructure that needs to be fabricated to
withstand numerous types of cyber attacks. For numerous years, telecommunication companies have
been a prime target for cybercriminals. Cyber security in telecom helps protect from data breaches and
malicious attacks.

3- Cyber Security in Defence

In February 2024, news of 2 Iranian military ships being attacked by United States cyberattackers
surfaced on the internet. It shows the rising importance of cybersecurity in the domain. Various
governments are embracing cybersecurity to protect important data from malicious attacks.

Similarly, domains such as retail, BFSI, defense, automotive, education, etc., are adopting cybersecurity
as their priority safety measures.

Although traditional cybersecurity differs from cybersecurity as a service. As per the budget, size, and
regulatory compliance requirements, several approaches are required. Organizations are finding it
tedious to rely completely on themselves. The conventional method of fabricating an internal security

Cyber Defense eMagazine – June 2024 Edition 243
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